This month, bitcoin surged past its previous peak of US$69 000 to hit a fresh high of $73 100 (R1.38-million), sparking a wave of enthusiasm across the crypto world and paving the way for other cryptocurrencies to hit new milestones.
The crypto market remains the top-performing investment asset class over the last year and decade, soaring a staggering 105% over the last year, far outpacing the JSE Top 40 Index’s negative return of -2% as well as the S&P 500 index’s AI-fuelled return of 32%.
Sean Sanders, CEO of the Cape Town-based investment app Altify and a CFA Charterholder, shares his thoughts on three cryptocurrencies set to make waves this year. Altify, known for crypto and alternative investments, is backed by Sabvest and is regulated by the FSCA. With nine years in crypto and a background in wealth management, Sanders offers his insights into the market’s dynamics.
So, which cryptocurrencies could lead the market higher in 2024? Let’s take a look at the top crypto contenders in 2024.
1. Solana (SOL)
Solana is a high-performance blockchain platform designed to support decentralised applications (dApps) and cryptocurrencies at scale. It competes head on with ethereum — often referred to as an “ethereum killer.”
Solana’s native token, SOL, stands out in this crypto cycle for being a top performer, up over 750% in the past year.
Solana is an incredibly fast, low-cost and smart contract-enabled blockchain that outperforms many competitors.
Since all cryptocurrency projects are nothing more than software, they are regularly updated, enhanced and connected with other applications.
There’s a major new application being connected to the Solana network scheduled for later this year, called Firedancer.
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Firedancer was created by Jump Crypto – the crypto arm of high-frequency trading firm Jump Trading –purpose-built to enhance Solana’s speed, efficiency and security.
During a live demo in 2022, Firedancer showcased the ability to process over a million transactions per second. This figure is far greater than Solana’s current theoretical limit of 50 000tps and far exceeds the transaction processing capacities of leading service providers like Visa.
As we all know, scale changes everything, and this upcoming development means Solana could become the first blockchain to go mainstream — handling large numbers of real-world transactions, in a secure way, and at a low cost.
2. Uniswap (UNI)
Uniswap operates as a fully online and decentralised exchange, allowing direct peer-to-peer cryptocurrency swaps without traditional banks or exchanges. It’s similar to traditional stock exchanges, like the JSE, but focuses exclusively on cryptocurrencies — for now.
The platform’s native cryptocurrency, UNI, has seen a significant increase in value, rising over 72% in the last year.
Uniswap stands out as the largest decentralised exchange (DEx) by trading volume, facilitating over $2-billion in trades daily.
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An exciting development on the horizon for Uniswap involves a proposal put forward by Erin Koen, the governance lead for Uniswap, earlier in 2024. This proposal aims to expand the governance capabilities of Uniswap and introduces a novel fee mechanism that will allow UNI token holders to earn a portion of the fees from every swap transaction that occurs. This means as Uniswap’s trading volume grows, UNI token holders could enjoy a passive income stream, directly tied to the platform’s success.
While the proposal’s implementation might require some time, if this initiative advances UNI token holders could significantly profit from the platform’s billions in annual swap fees, marking a substantial incentive and benefit for being a UNI token holder.
3. Chainlink (LINK)
Blockchain projects require precise and reliable data from the real-world, such as sports scores or stock price, in order to function.
Chainlink fills this important gap, acting as the market leader, connecting blockchain-based programs with external real-world data.
Chainlink’s native token is called LINK. LINK tokens are what blockchain projects have to use to pay for the data they receive. This means as more real-world data is demanded by blockchain applications, the more LINK tokens will need to be bought, which pushes the price higher.
LINK is up 139% over the last 12 months, but it’s still far off its 2021 all-time high. Chainlink has already achieved impressive adoption with its technology being integrated into over 300 blockchain projects and 40 institutions worldwide, including financial giants like Goldman Sachs, Citigroup and HSBC, which are actively developing tokenisation platforms in preparation for the opportunities ahead.
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BlackRock CEO Larry Fink is a big believer in tokenisation. He believes, in time, that most financial services will migrate to blockchain technology. This includes everything from real estate titles and bonds to stocks – practically any asset could be tokenised. It’s an appealing prospect. However, this vision hinges on having dependable data on the blockchain, which is where Chainlink comes in.
Chainlink is one of the biggest beneficiaries from the growth of tokenisation and decentralised finance (DeFi) which could both grow to be worth trillions of dollars in the years ahead.
What’s the opportunity here?
Solana, Uniswap and Chainlink stand out in their respective niches with industry-leading features, solid fundamentals and market valuations in the billions of dollars. These platforms are poised to disrupt the large industries they’re competing in.
This gives each of them the potential to outperform even the most established cryptocurrency in the years ahead.
You can download Altify’s mobile app from the Apple App Store or Google Play today and start investing in Solana, Uniswap, Chainlink and many other cryptocurrencies with as little as R150.
Disclaimer
This article is intended for informational purposes only. The views expressed are not and should not be construed as investment advice or recommendations. This article is not an offer, nor the solicitation of an offer, to buy or sell any of the assets or securities mentioned herein. Altify provides a reception and transmission brokerage service for crypto-asset orders without giving any investment advice or personalised recommendations.
While we believe in crypto accessibility for all, we also know that it might not be appropriate for everyone. Before investing, please take into consideration your level of experience and investment objectives, and seek independent financial advice if necessary. You are encouraged to conduct thorough research into cryptocurrencies before making any investment.
As an investor, you are responsible for making decisions regarding your investments. Please consider your personal circumstances when buying or selling crypto as the price can be very volatile. Remember, investing in cryptocurrencies is considered a high-risk investment as their value is subject to extreme price fluctuations and may both appreciate and depreciate over time. Investing in crypto assets may result in the loss of capital.
Remember, past performance does not guarantee future results and we can’t guarantee returns since asset prices move based on supply and demand, so never trade with funds you can’t afford to lose. You should seek professional advice if you’re uncertain about the suitability or appropriateness of any investment for your specific circumstances or needs.
Further information can be found in the General Risk Disclosures and Crypto Risk Disclosures on our website. Investments should only be made by investors who understand these risks.
For more information, please visit www.altify.app.
About Altify
Altify is headquartered in London, with satellite offices in Cape Town and Vienna. The fintech business is backed by notable investors Sabvest, High-Tech Gründerfonds, CVVC, Emurgo and Calm Storm Ventures, to name a few. Altify’s desktop and mobile platforms provide a user-friendly, low-cost way for more than 80 000 users to invest beyond the stock market — offering access to over 15 individual crypto assets, including bitcoin and Ethereum, as well as the world’s largest range of ETF-style Crypto Bundles and gold.
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